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Decentralized Finance Unmasked

Behavioral Finance and Public Policy Insights on Financial Market Regulation
Authors:
Publisher:
 2023

Summary

Decentralized finance (DeFi) is a form of finance without central financial intermediaries. This handbook explores the interplay of behavioral finance and public policy in the emerging field of decentralized finance. The work explaines the underlying mechanisms in a nutshell from a social science, economics and legal perspective investigates DeFi's potential impact on financial systems and the risks involved, including smart contract vulnerabilities and trust mechanisms. provides insights into financial decision-making processes in DeFi offers suggestions to enhance regulatory frameworks.

Keywords

Bibliographic data

Copyright year
2023
ISBN-Print
978-3-7560-0715-8
ISBN-Online
978-3-7489-4301-3
Publisher
Nomos, Baden-Baden
Language
English
Pages
227
Product type
Book Titles

Table of contents

ChapterPages
  1. Titelei/Inhaltsverzeichnis 1 - 20 Download chapter (PDF)
  2. Download chapter (PDF)
    1. 2.1 Interdisciplinarity of law and economics, sociology, psychology and information technology with regard to financial markets
    2. 2.2 Sciences vs Humanities – the lost sociology of law in Europe?
    3. 2.3 Scope & Research Subject
    4. 2.4 Methodology
  3. Download chapter (PDF)
      1. 3.1.1 Representativeness bias
      2. 3.1.2 Familiarity bias
      3. 3.1.3 Cognitive dissonance
      4. 3.1.4 Endowment effect
      5. 3.1.5 Overconfidence bias
      6. 3.1.6 Status quo bias
      7. 3.1.7 Law of small numbers
      8. 3.1.8 Anchoring
      9. 3.1.9 Mental accounting
      10. 3.1.10 Disposition effect
      11. 3.1.11 Attachment bias
      12. 3.1.12 Prospect Theory – loss aversion and risk seeking
      13. 3.1.13 Social norming
      14. 3.1.14 Interim conclusion
      1. 3.2.1 Investor decision making process and consumer biases
      2. 3.2.2 Interim conclusion
      3. 3.2.3 Behavioral corporate finance and managerial biases
      4. 3.2.4 Interim conclusion
      5. 3.2.5 Behavioral biases, financial literacy and demographic variables
      1. 3.3.1 How attention and presentation impact information processing and memory retention
      2. 3.3.2 The impact of omission bias on decision making, social norms and procyclical behavior
      3. 3.3.3 How ideological dimensions may shape financial regulation
      4. 3.3.4 Interim conclusion
      1. 3.4.1 Diversification and the value of financial intermediation
      2. 3.4.2 Regulation of investors? Balancing investor protection and diversification in regulatory frameworks
      3. 3.4.3 Negative implications of the fix-it-fallacy on social policymaking
      4. 3.4.4 Exploring the role of regulatory ideologies in shaping economic public policy
      5. 3.4.5 Advancing policy instruments research: Addressing key gaps and enhancing public policy outcomes on the crossroads of behavioral finance and neuroscience
      6. 3.4.6 Interim conclusion
      1. 3.5.1 Considerations when applying behavioral economic findings in real-world situations and policymaking
      2. 3.5.2 Who does banking regulation protect?
      3. 3.5.3 Case study 1
      4. 3.5.4 Case study 2
      5. 3.5.5 Case study 3
      6. 3.5.6 Interim conclusions
  4. Download chapter (PDF)
      1. 4.1.1 Types of blockchains
      2. 4.1.2 The decentralization promise of DeFi
      3. 4.1.3 DeFi architecture
      4. 4.1.4 Decentralization shams and other supervisory challenges
      5. 4.1.5 Interim conclusion
        1. 4.2.1.1 Evolution of the theory of the firm, social economy organizations and decentralized autonomous organizations
        2. 4.2.1.2 Public policy goals of MiCAR and classification of crypto assets
        3. 4.2.1.3 Interim conclusion
        1. 4.2.2.1 Traditional regulated markets
        2. 4.2.2.2 Trust in intermediating technology platforms
        3. 4.2.2.3 Lateral exchange markets in the form of blockchain-based decentralized exchanges (DEX)
        4. 4.2.2.4 DLT Pilot Regime
        5. 4.2.2.5 Interim conclusion
      3. 4.2.3 Crowdfunding Services & emerging markets of DeFi lending
      4. 4.2.4 Decentralized derivatives – a growing trend in the DeFi ecosystem
      5. 4.2.5 DeFi portfolio management and investment schemes
      6. 4.2.6 The role of crypto asset mixers as privacy enhancing protocols and financial intermediaries
      7. 4.2.7 DORA – digital operational resilience
      8. 4.2.8 Global financial regulation?
      1. 4.3.1 Perceived risk and uncertainty in decision research and implications for public policy and behavioral finance
      2. 4.3.2 Choice architecture, framing effects, and default options in DeFi policy
      3. 4.3.3 Potential for herding and mass contagion in AI-driven investment decisions
      4. 4.3.4 The role of behavioral economics in public policy and its challenges
      1. 4.4.1 Decentralized organizations, tokenization as well as centralized and decentralized market infrastructures under the EU digital finance package
      2. 4.4.2 DeFi lending, derivatives, portfolios and privacy enhancing protocols
      3. 4.4.3 Additional EU digital finance packages
      4. 4.4.4 Behavioral finance and regulatory public policy implications
  5. Download chapter (PDF)
    1. 5.1 Interpretation and classification of the results
    2. 5.2 Implications in practice
    3. 5.3 Implications in theory and research
    4. 5.4 Limitations and future research
    5. 5.5 Conclusion
  6. 6 List of sources 205 - 227 Download chapter (PDF)

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